The Indian rupee extended its decline for the second consecutive trading session and depreciated 27 paise to 70.48/US$ in late morning trade on Wednesday.
The domestic unit opened 13 paise higher today at 70.08 against the greenback compared to its previous close 70.21/US$. The appreciation was on the back of a weak US dollar against its major peers.
However, rising oil prices, which led to greater demand for the US dollar, put pressure on the Indian rupee.
At 11:30 AM IST, the rupee was trading at 70.45 against the US dollar. On Tuesday, the Indian Rupee depreciated 53 paise to 70.21/US$.
International crude oil benchmarks Brent and West Texas Intermediate (WTI) futures were trading up ~1% each on Wednesday.
The gain was on the back of optimism regarding the truce in the trade war between the US and China. As per media reports, a government official of Beijing said that China is keen to put an end to its trade dispute with the US, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.
Additionally, supply cuts started at the end of 2018 by the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia also kept crude oil prices elevated.
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